Over two years ago, government-operated mortgage buyer Fannie Mae announced that it would sell its headquarters at 3900 Wisconsin Avenue NW (map) and move downtown. Now, we have an idea what the future holds for the old site.

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The Nikkei Asian Review reports that Japanese developer Sekisui House plans to purchase and redevelop the roughly 430,000 square-foot property, restoring the 60-year old brick building to create a shopping center and constructing luxury condominiums on the surrounding land. Sekisui House is anticipated to pay $88 million to $176 million for the property, which is part of the company’s strategy to make investment inroads in the U.S. This past summer, the Washington Business Journal reported that Roadside Development had emerged as the buyer for the headquarters, and it appears that the DC-based firm will partner with Sekisui House on the development.